The Board of Directors of VFD Group has announced that it will raise an additional capital of N9.01 billion through rights issue and private placement.
In a signing ceremony attended by Board members, the firm revealed that it will be raising the sum of N4.13 billion through rights issue to existing shareholders. To achieve this, the firm intends to issue a total of 7,452,054 ordinary shares of 50 kobo each at N556 per share on the basis of 1 new ordinary share for 16 ordinary shares held by existing shareholders.
On the other hand, the firm also announced that it will be raising the sum of N4.88 billion through private placement by issuing 7,985,090 ordinary shares of 50 kobo each at N612 per share to selected investors.
Cumulatively, a total sum of N9.01 billion will be raised from both actions, that is, Private placement and rights issue, strengthening the capacity of the Group to execute its key capital projects and further consolidate on its drive of being a pan-African institution.
Recall that VFD Group had earlier announced its intention to expand its operations to Ghana and other African countries, in a quest to be a pan-African financial powerhouse.